Pakistan improves WEF rankings by nine points

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ISLAMABAD: World Economic Forum (WEF) has appreciated efforts of National Accountability Bureau (NAB) for eradication of corruption and ranked Pakistan at 107 among 140 countries on Global Competitiveness Index (GCI). The WEF, in its Global Competitiveness report-2018, has redefined the competitiveness index 4.0.

The new index provides guidelines for countries to gear up for the fourth industrial revolution. The report indicates that Pakistan has been ranked at 107 on the new index and compared to 2017 Pakistan has improved nine points and is ranked 106 this year as compared to 115 last year.

The report has been presented to NAB Chairman Justice (retd) Javed Iqbal by Mishal Pakistan Chief Executive Officer (CEO) Amir Jahangir.

The report indicates that global ranking for incidents of corruption in Pakistan has been reduced to 99 in 2018 as compared to 102 last year. This change reflects NAB’s proactive approach in reaching out to citizens to create awareness about the negative impacts of corruption. NAB’s activities have been proven to be more transparent and very efficient across the board. The recent developments by NAB have increased public’s trust in institutions and hope for a more transparent nation.

The Global Competitiveness Index 4.0 methodology has been built on four decades of experience in benchmarking competitiveness. The World Economic Forum’s Global Competitiveness Index 4.0 is a new composite indicator that assesses a set of factors that determine an economy’s level of productivity, it is widely considered the most important determinant of long-term growth.

The GCI 4.0 framework is built around 12 main drivers of productivity. These pillars are institutions, infrastructure, technological readiness, macroeconomic context, health, education and skills, product market, labour market, financial system, market size, business dynamism and innovation. They comprise 98 individual indicators.

The report is part of World Economic Forum’s Centre for New Economy and Society which aims at building dynamic and inclusive economies in an era of accelerated technological and political change, providing leaders with a platform to understand and anticipate emerging economic and social trends and to adapt policies and practices to our rapidly evolving context. A significant portion of the Centre’s work focuses on shaping frameworks for fostering growth and inclusion, including an accelerator for industrial policy and competitiveness in the fourth industrial revolution. The Centre is also supporting developed and emerging economies in setting up public-private collaborations to close skills gaps and prepare for future of work as part of its human capital agenda. Finally, the centre acts as a test bed for exploring emerging contours of the new economy, including rethinking economic value, investment strategies for job creation and new safety nets. The global competitiveness report’s new methodology also offers insights into economies readiness for future, social capital, endowment of disruptive businesses and debt concerns, among other indicators.

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